Palatin Technologies, Inc. (PTN) Short Interest Up 1.0% in November

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) was the recipient of a large growth in short interest in November. As of November 15th, there was short interest totalling 3,283,577 shares, a growth of 1.0% from the October 31st total of 3,249,926 shares. Based on an average trading volume of 1,357,906 shares, the short-interest ratio is currently 2.4 days. Approximately 1.9% of the shares of the company are sold short.

Palatin Technologies (NYSEAMERICAN:PTN) traded up $0.03 during trading on Wednesday, reaching $0.87. The company’s stock had a trading volume of 1,852,007 shares, compared to its average volume of 1,952,935. Palatin Technologies has a 12-month low of $0.29 and a 12-month high of $1.05.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings results on Monday, November 13th. The biopharmaceutical company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The company had revenue of $26.94 million during the quarter, compared to analyst estimates of $28.00 million. During the same quarter in the previous year, the business posted ($0.08) EPS.

A hedge fund recently raised its stake in Palatin Technologies stock. Bank of New York Mellon Corp grew its stake in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) by 500.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 151,473 shares of the biopharmaceutical company’s stock after purchasing an additional 126,236 shares during the quarter. Bank of New York Mellon Corp owned about 0.08% of Palatin Technologies worth $101,000 at the end of the most recent reporting period.

PTN has been the topic of a number of research analyst reports. Canaccord Genuity set a $6.00 target price on Palatin Technologies and gave the company a “buy” rating in a research note on Monday, November 13th. Zacks Investment Research upgraded Palatin Technologies from a “hold” rating to a “buy” rating and set a $0.75 price target for the company in a research note on Thursday, October 5th. Finally, Roth Capital set a $2.00 price target on Palatin Technologies and gave the stock a “buy” rating in a research note on Sunday, October 29th.

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About Palatin Technologies

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

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